Initial reactions from European officials welcome the outcome of the election, but made very clear that the there is little room for the new government to change the existing bailout programme.

With this in mind, our probabilities for Grexit [Greek Exit] remain unchanged in the range between 50% and 75% over the next 12 to 18 months. While the outcome of the election, and the likely agreement on an ND-led government has reduced the risk of an exit in the very near term, with the large role of SYRIZA in Parliament and its power to organize protest against further austerity measures and far-reaching structural reforms on the streets, it looks to us unlikely that Greece will be able to fulfill only slightly amended conditions of the MoU.